RRA Sells 89 Unit Apartment Community In Philadelphia Valued At $7,100,000
PHILADELPHIA, PA, April 7, 2014 – Rittenhouse Realty Advisors is pleased to announce the sale of Wyndmoor Gardens, an 89 unit apartment community located in the historic Chestnut Hill neighborhood of Philadelphia.
Wyndmoor Gardens consists of 88 apartments (63% of which are two bedroom units) one retail unit and 21 income producing garages. It is within walking distance to the charming downtown area of Chestnut Hill, home to numerous restaurants, cafes and shops and close to the recreational hiking trails of the Wissahickon Valley section of Fairmount Park, one of the largest urban parks in the world. “The property traded at a sub 5% CAP on trailing 12 month numbers in the heart of Chestnut Hill,” stated Ken Wellar, Managing Partner. “It presented tremendous upside potential to a new buyer coming in.”
The property’s location is ideal for renters who work in major employment centers such as Philadelphia, Conshohocken or King of Prussia, as each is within a 20 minute drive. It is situated directly across from the SEPTA Regional Rail Station for convenient access to downtown Philadelphia.
Wyndmoor Gardens presented an excellent value-add opportunity given that the majority of the units had not been updated and the rents were well below market. “A local private capital group purchased the property and they are planning to complete high-end upgrades to the units and subsequently increase the rents significantly,” noted Corey Lonberger, Managing Partner.